Pathway to Purchase
(Published on - 9/10/2018 3:38:48 PM)
Are you familiar with the "Pathway to Purchase"? If you meet program criteria, the Bizzy Orr Team will help you find a home in eligible zip codes. We currently have two listings (see below) that are located in these eligible zip codes!
The Arizona Department of Housing (ADOH), in partnership with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC), provides down payment assistance to qualified homebuyers purchasing a primary residence in 26 targeted zip codes in 12 Arizona Cities. The assistance is an incentive to purchase in targeted housing markets that have been hardest-hit by foreclosures.
The Pathway to Purchase (P2P) Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to * 10% of the purchase price. The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. The down payment assistance (DPA) can be used toward the down payment and / or closing costs. DPA is only available in conjunction with a P2P first mortgage and is funded by the AHFPFC at the mortgage loan closing.
Program Highlights:
- Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
- Borrower(s) Income not to exceed $92,984.00.
- Purchase Price limit not to exceed $371,936.00.
- Existing, previously occupied properties only, new construction, including spec homes are not allowed.
- The DPA provided is 10% of the purchase price * up to a maximum of $20,000.
- Freddie Mac HFA Advantage mortgage only.
- The P2P Program is strictly limited to the targeted zip codes in the following cities: (see target area table for specific zip codes).
- Bull Head City, Casa Grande, Glendale, Green Valley, Kingman, Phoenix, Rio Rico, Sahuarita, Sierra Vista, Tucson, Vail, Yuma.
- Each borrower must complete a homebuyer education course before closing.
All information is courtesy of Arizona Department of Housing and more information about the Pathway to Purchase Program can be found here. Call us with any questions! 520.820.1801
